Never miss an update

Allen M Edmonds "MONTAUK" Chukka Boots Boots 9.5 M 9.5 Brown (215) 734adcc

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Allen Edmonds
Width: M Style: Ankle Boots
Color: Brown US Shoe Size (Men's): 9.5
UPC: Does not apply
Never miss an update

Allen M Edmonds "MONTAUK" Chukka Boots Boots 9.5 M 9.5 Brown (215) 734adcc -

    Allen M Edmonds "MONTAUK" Chukka Boots Boots 9.5 M 9.5 Brown (215) 734adcc
    Allen M Edmonds "MONTAUK" Chukka Boots Boots 9.5 M 9.5 Brown (215) 734adcc
    New Belleville Waterproof Temperate Flight US Army Air Force 790 G Goretex BootsChaco Men's Brio Mid High Boot - Choose SZ/Color , C MENS WALKER WORK LEATHER DARK BROWN BOOTS SIZE 10 W , NIB Wolverine 1000 Mile Cromwell Mens Brown Leather Chelsea Boots 9.5D $255 , VINTAGE L.L.BEAN CORK - GRIP SOLE TAN LEATHER BOOTS SIZE 9D MADE IN USA , Brand New "Vintage" Wolverine Boots Suede Pigskin Mens Sz 11 , Allen Edmonds "MONTAUK" Chukka Boots 10 M Brown (215) , Allen Edmonds "SURREY" Chukka Boots 8.5 D Brown Suede (369) , NEW MUCK BOOTS ARCTIC PRO BARK MENS 8 WATERPROOF INSULATED HUNTING FISHING BOOT , Rocky Men's RKW0186 Chukka Boot - Choose SZ/Color , NEW $458 Men's FRYE Boots Martin Chukka Italian Leather Dark Brown 9 MCaterpillar Men's Dimen Hi Steel-Toe Work Boot - Choose SZ/Color , Man's/Woman's Mens redwing Beckman boots wholesale Bright colors Authentic guarantee , Man's/Woman's Red Wing Men's Boots Strong heat and wear resistance a wide range of products Cost-effective , #L MENS HY-SPOT WORK LEATHER BROWN BOOTS SIZE 9.5 D , #E MENS FRYE HARNESS MOTORCYCLE LEATHER DARK BROWN BOOTS SIZE 8.5 M , 2004 PHILIPPE STARCK RARE SUPERHIGH BOOTS Size US 11.5, FR 45, JPN 29.5 , Allen Edmonds Malvern Brown Leather Oxford Ankle Boots Shoes Size 11.5 @ cLOSeTCat Lightweight Safety Work Boots Dealer Chelsea Steel Toe Slip On Mens , adidas TERREX TIVID MID CP Men's Hiking Shoes Outdoor Sneakers S80935Thorogood Work Thoro-Flex 804-3165 Mens 6" Waterproof Composite Toe Sport Boots , NEW Allen Edmonds "BELLEVUE" Boots 12 B Brown (662) , Chippewa Originals Leather Field Work Boots Moc Toe - 11.5 D - $290***ALTAMA ABOOTTABAD TRAIL LOW TACTICAL SHOES 355001 / BLACK * ALL SIZES , Grinders Eagle Lo Mens Black Motorcycle Cowboy Biker Ankle Boots Size , New in Box - $260 COLE HAAN Ogden Stitch Muir Brown Suede Chukka Boot Size 8Rocky Men's Rkd0041 Military and Tactical Boot - Choose SZ/Color , Vintage MONTBLANC KF Mountaineering Hiking SUEDE Boots Size US 11 Men's. Korea#C VTG MENS KNAPP STEEL TOE WORK LEATHER BLACK BOOTS SIZE 7 D ,
    Allen M Edmonds >Allen M Edmonds
    Nine West Women's Nesrin Leather Boot - Choose SZ/ColorNew EILEEN FISHER 'Tuck 2' Women's Black Siped Leather Ankle Boots Size 10 M , Hot Mens Brogue Zip Ankle Boots Carved Trendy British Oxford Leather Motor SHoesMen's/Women's Nine West Women's Ciaobella Leather Moccasin Modern and elegant fashion Fast delivery Different styles , Frye Women's Ivy Slip-On Sneakers - 71199-BUS , Luichiny Women's Kite Fly Black Imi Leather/Imi Fur HeelsTheresia Wo's US9 G German 5.5 Black Suede Slip-On Casual Heels Pumps Work Shoes , Bella Vita Women's Gala II Pump Champagne Embossed Velvet Size 7 WWNEW Christian Louboutin Tortoise Palais Royal Patent Leather Pump (Size 36)-$945Size 9.5 / 39.5 Saint Laurent Taupe Suede Crisscross 70mm Slide Sandal Mule $795Skechers Somethin' Else 90's style mega platform flip flops RAVER Black Blue 6Womens Roma Leather Rivet Buckles Flat Heel ankle buckle Sandals Chic Shoes hotVIONIC WOMENS SANDAL TIDE II GOLD CORK SIZE 6Men's/Women's Naturalizer Women's Gwen Boat Shoe Aesthetic appearance Elegant style Great choiceAdidas SEELEY Teal Black White Discounted (315) Skateboarding Men's ShoesNIKE Men's AIR TRAINER SC HIGH TAUPE GREY Shoes 302346-201 b , NEW! adidas Originals Alexander Wang AW AC6849 Skate Mid Blue Bluebird Black , Jordan Flight Club '91 Mens 555475-125 Sail Blue Pink Basketball Shoes Size 10.5 , Nike LeBron 8 "yellow blue mens 8.5 need best offerNew Nike Air Jordan 17 + XVII Retro Black Gym Red Bulls Bred SZ 17 (832816-001) , Man's Ariat Tan / Green Ostrich Cowboy Western Boots Sz:9 EE (AC)Ariat 10023174 VentTEK Ultra 13" Barley Red Underlay Square Toe Cowboy BootsVogue Men Black Faux Leather Comfy Flats Slip On Durable Driving Moccasins ShoesNew Sperry Mens Comfortable Fashion Striper Ii Ltt Leather SneakersAsics Dynaflyte Size US 8.5 M (B) Women's Running Shoes Pink T6F8YASICS GEL EXCITE 2 BLUE PINK SNEAKERS RUNNING WALKING WORK SHOES US WOMENS SZ 9 , adidas Originals WMNS Superstar Bounce Primeknit women lifestyle NEW S82260Nike Free Transform Flyknit Womens Running Trainers 833410 Sneakers Shoes 502Womens Circle G western boots - size 7 , kensie Women's Ginette Slouch Boot, Grey, 9 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Allen M Edmonds

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Allen M Edmonds "MONTAUK" Chukka Boots Boots 9.5 M 9.5 Brown (215) 734adcc -

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.


    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?


    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Allen M Edmonds "MONTAUK" Chukka Boots Boots 9.5 M 9.5 Brown (215) 734adcc